The International Swaps and Derivatives Association is to collaborate with the Swift interbank network to allow messaging in the FpML derivatives markup language.FpML (financial products markup language), developed by Isda and based on the XML markup language, is the standard language for processing privately negotiated trades in derivatives. Under today's deal, a closed user group will be set up on SwiftNet for users of FpML.
Isda predicted that expanding the use of FpML messaging would cut operating costs and make straight-through processing of derivatives trades more efficient. FpML messaging on Swift is expected to go live before the end of the year. Isda also plans to introduce FpML matching and validation on SwiftNet.
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